For the last 24 hours, the crypto markets have remained in strong consolidation mode. There have been no significant moves upwards. That is a worrying trend since further losses could be unavoidable. The total market capitalization hovers around $248.5 billion, the same range it was on Wednesday.
Bitcoin hit an intraday high of around $7,900 before plunging again instantly. Major support lies around $7,600 which has been breached twice in the past 24 hours. With the current multiple failures to break above $8,000, BTC could be setting up for further declines.
Ethereum is barely worth mentioning since it is still majorly tied to the movements of Bitcoin. With little action so far, ETH is hovering around $245. Significant support has formed at $230 which is where it is expected to go if the correction accelerates.
Looking at the top-ten list, it is evident that it has become a mixed affair throughout Asian trading today. Six of the top crypto assets have moved below 1%. It seems like only Binance Coin is alive having surged over 6% currently taking BNB coin to over $31.50. On the downside, BSV has plunged by over 11% currently hovering around $201.
The crypto market is seeing more red than green although most of the movements are minimal. TRON and Tezos are dumping a little bit while NEO, DASH, and IOTA remain mostly unchanged.
SOLVE Soars in South Korea
A staggering dose of FOMO has entered the healthcare-based platform SOLVE today as it rises 70% to $0.522. This surge pushed it up in the market cap charts to the 52nd spot. South Koreans seem to have fallen in love with this altcoin that spiked on Wednesday and has so far held the gains.
75% of the total volume has been in KRW on Upbit coming as no surprise after the listing and inroads the project has made there.
UpBit now has KRW-SOLVE pair! This sensational development makes Care.Wallet more accessible in S. Korea. Just the latest step in our Asian expansion strategy. We're excited by the growing demand for our platform & the services and benefits, which require SOLVE token to access. pic.twitter.com/7R3OERsOUB
— Solve.Care (@Solve_Care) June 5, 2019
GXChain is also growing strong currently with a pump of 26%. The third-best performer in the top-100 list is Chainlink accumulating 16%. Japan’s Monacoin is dumping 30% after several days of solid gains. Maximine is also languishing in the pain of losses having dropped over 20% at the time of writing.
Total market capitalization has almost remained the same for the past 24 hours. However, the volume is beginning to trail off slowly and currently around $10 billion less than it was on Wednesday. This seems to be another day of consolidation on the crypto markets while traders remain on their toes awaiting any significant price action.